Yeah,
I used this one a lot when I first learned it more than 45 years ago, from someone who probably learned it 30 years earlier.
One thing I learned way back then is that the fasten is more secure if the tears spread slightly apart as they go farther from the fold.
Folding the tear in the opposite direction of the first fold might also be more secure, but I was never able to prove that one way or the other.
After a while I got tired of tearing up all my papers, though I'll still use this in a pinch. I've seen others do it with a single tear, which damages the papers less, but doesn't hold as well.